• Bitcoin ETPs are seeing continued inflows for the third consecutive week.
• Bitcoin hash rate is nearing record levels as Texas grid challenges remain.
• Unemployment rate remains at historic lows, while Bitcoin prices jump 1.5%.
Bitcoin ETP Inflows
Bitcoin exchange-traded products (ETPs) have seen inflows for a third consecutive week. This indicates that the demand for cryptocurrency investments is still growing despite turbulent market conditions and regulatory uncertainty.
Bitcoin Hash Rate
The global Bitcoin hash rate has been steadily increasing over the past weeks and has already reached near record levels. This is indicative of strong network security and suggests that there is a high level of interest in the digital asset from miners. Meanwhile, power outages in Texas due to extreme weather conditions have not had a significant impact on the network’s performance so far, indicating its robustness against external shocks.
Unemployment Rate Stays Low
The U.S. unemployment rate has remained steady at historic lows since last year, signaling a strong macroeconomic outlook for consumers and businesses alike. As such, investors may be turning to alternative assets such as cryptocurrencies to hedge against potential risks associated with traditional markets and currencies like the US dollar. Indeed, this could explain why Bitcoin prices jumped by 1.5% recently as investors looked for safe havens amidst uncertain market conditions.
Whale Distribution Trends
Analysis of blockchain data also reveals that there have been shifts in distribution trends among large ‘whale’ holders of Bitcoin recently, suggesting an increased appetite amongst institutional investors for taking larger positions in the digital asset class compared to retail traders or smaller private buyers/sellers..
Binance U.S Asset Pricing Discrepancy
There have also been noticeable discrepancies in asset prices on Binance U.S., with current trading price of Bitcoin on Binance U.S being $27,700 – much lower than its expected spot price on Coinbase ($30k). Similarly Tether (USDT) is trading at an unusually low price ($0 .92), which deviates from its usual 1:1 ratio with USD ($1). This pricing anomaly could be related to arbitrage opportunities present on Binance U S., hence attracting more traders who are looking to capitalize on these discrepancies between different platforms